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Jun 30, 2021
Scripps Q2 2021 Earnings Report
Scripps' second-quarter results surpassed expectations, driven by strong performance in Local Media and Scripps Networks divisions.
Key Takeaways
Scripps' Q2 2021 results exceeded expectations, with a 57% increase in total revenue to $565 million. The Local Media and Scripps Networks divisions performed strongly, driven by the rebound of the advertising marketplace. The company raised its full-year free cash flow guidance to $240-$260 million.
Consolidated revenue grew by 23% year-over-year on a same-station basis.
Local Media core advertising was up 48% on an adjusted-combined basis.
Scripps Networks revenue increased by 23% from Q2 2020 on an adjusted-combined basis, with a 45% margin.
The company raised its full-year free cash flow guidance from $210-$240 million to $240-$260 million.
Scripps
Scripps
Scripps Revenue by Segment
Revenue by Segment
Local Media Revenue
CapyFin.comScripps Networks Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
The company provided guidance for the third quarter of 2021, with comparisons to the same period in 2020 on an adjusted-combined basis.
Positive Outlook
- Scripps Networks revenue is expected to be up in the mid-teens percent range.
Challenges Ahead
- Local Media revenue is expected to be down in the mid-teens percent range.
- Local Media expense is expected to be up in the low-double-digit percent range.
- Scripps Networks expense is expected to be up in the low-to-mid-teens percent range.
- Shared services and corporate expenses are expected to be around $19 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income